{"id":123672,"date":"2025-12-17T09:57:16","date_gmt":"2025-12-17T09:57:16","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=123672"},"modified":"2025-12-22T14:09:04","modified_gmt":"2025-12-22T14:09:04","slug":"georgia-aviation-finance-leasing","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/georgia-aviation-finance-leasing\/","title":{"rendered":"Georgia: Aviation Finance &amp; Leasing"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-123672","comparative_guide","type-comparative_guide","status-publish","hentry","guides-aviation-finance-leasing","jurisdictions-georgia"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">IALGD<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2025\/12\/Logo-2.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">IALGD<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2025\/12\/Logo-2.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Aviation Finance &amp; Leasing laws and regulations applicable in Georgia<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What international aviation conventions has your jurisdiction signed and\/or ratified?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Georgia is a party, inter alia, to the following international air law instruments:<\/p>\n<p>(i) the 1944 Chicago Convention of on International Civil Aviation;<\/p>\n<p>(ii) the 1944 Chicago International Air Services Transit Agreement; and<\/p>\n<p>(iii) the 1999 Montreal Convention for the Unification of Certain Rules for International Carriage by Air.<\/p>\n<p>Notably, in 2025 Georgia became a party to the 2001 Cape Town Convention on International Interests in Mobile Equipment (the &#8220;Cape Town Convention&#8221;) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the &#8220;Protocol&#8221;), which came into force for Georgia as of 1 December 2025.<\/p>\n<p>Georgia is party to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">If your jurisdiction has signed and ratified the Cape Town Convention: a. Which qualifying declarations (opt-in and opt-out) has your jurisdiction made under the Cape Town Convention? b. Does the Cape Town Convention take priority over conflicting national law?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><h4>a. Which qualifying declarations (opt-in and opt-out) has your jurisdiction made under the Cape Town Convention:<\/h4>\n<p>Georgia has made the following declarations under the Cape Town Convention<\/p>\n<p>(i) Article 39(1)(a): priority of all categories of non-consensual right or interest which under Georgian law have and will in the future have priority over an interest in an object equivalent to that of the holder of a registered international interest over a registered international interest, whether in or outside insolvency proceedings and whether registered before or after Georgia\u2019s accession;<\/p>\n<p>(ii) Article 50: non-applicability of the Cape Town Convention to internal transactions;<\/p>\n<p>(iii) Article 54(1): chargee is prohibited from granting lease of the object in the territory of Georgia; and<\/p>\n<p>(iv) Article 54(2): remedies which are not expressed under the relevant provision of the Cape Town Convention to require application to the court may be exercised only with leave of the court.<\/p>\n<p>Georgia also made the following declarations under the Protocol:<\/p>\n<p>(i) Article XIX(1): designation of the Public Law Legal Entity \u2013 Civil Aviation Agency (the &#8220;GCAA&#8221;) as the entry point;<\/p>\n<p>(ii) Article XXX(1): Georgia will apply Articles VIII (Choice of Law), XII (Insolvency assistance) and XIII (De-registration and export request authorisation) of the Protocol;<\/p>\n<p>(iii) Article XXX(2): Georgia will apply Article X (Modification of provisions regarding relief pending final determination) of the Protocol, and for the purposes of the time-limit laid down in Article X(2) shall be one day; and<\/p>\n<p>(iv) Article XXX(3): Georgia will apply Alternative A of Article XI (Remedies on insolvency), to all types of insolvency proceedings, and the waiting period for shall be sixty days.<\/p>\n<h4>b. Does the Cape Town Convention take priority over conflicting national law?<\/h4>\n<p>Yes. Pursuant to Article 4(5) of the Constitution of Georgia, international treaties to which Georgia is a party take precedence over domestic legislation. Therefore, the Cape Town Convention should, at least in theory, take priority over conflicting national law, if such conflict should arise.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Will a court uphold the choice of a foreign governing law in respect of the following contracts and if so, please also state any conditions or formality requirements to this recognition a. Lease and b. Security document (for example, mortgage)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><h4>a. Lease<\/h4>\n<p>Yes, choice of foreign law as the governing law of a lease should generally be upheld by a Georgian court. Article 35 of the Law of Georgia &#8220;On Private International Law&#8221; (the &#8220;Law on PIL&#8221;) states that the parties are free to choose the law governing the contract. Georgian legislation does not contain any specific restrictions on choice of law governing an aircraft lease agreement.<br \/>\nThe above position is strengthened by the declaration made by Georgia in relation to Article XXX(1) of the Protocol that Georgia will apply Article VIII (Choice of Law) of the Protocol, pursuant to which the parties to an agreement (including a leasing agreement) are free to choose the law governing their contractual rights and obligations, wholly or in part.<\/p>\n<h4><strong>b. Security document (for example, mortgage)<\/strong><\/h4>\n<p>Yes. Given the general freedom of the parties to choose the governing law of a contract provided for in Article 35 of the Law on PIL and the declaration under Article XXX(1) of the Protocol (see above), choice of foreign law by the parties to a security agreement should be upheld by a Georgian court.<br \/>\nThat being said, Article 33 of the Law on PIL provides that the &#8220;rights&#8221; to aircraft (which &#8220;rights&#8221; should include security interests in such aircraft) are governed by the law of the state to which such aircraft belong, i.e. its state of registration.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please confirm whether it is (i) customary and (ii) necessary to also take a local law mortgage and if so, why?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No. It would be neither necessary nor customary (granted that historically mortgage financing over aircraft in general has rarely been used in cross-border transactions involving Georgian aircraft) to take a local-law security in addition to a foreign-law mortgage.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign judgments recognized and enforceable by courts of your jurisdiction and if so, please also state any conditions or formality requirements to this recognition (for example, do you require a local court order confirming such recognition)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Foreign judgements are generally enforceable in Georgia. Pursuant to Article 68 of the Law on PIL, a legally effective court judgement of a foreign court shall be recognised in Georgia unless:<\/p>\n<p>(i) the case is subject to the exclusive jurisdiction of Georgia;<\/p>\n<p>(ii) a party was not properly notified or other procedural violations have occurred;<\/p>\n<p>(iii) a judgement of a Georgian court (or a foreign judgement which was recognised in Georgia) concerning the same case already exists;<\/p>\n<p>(iv) the foreign court is not considered competent under the laws of Georgia;<\/p>\n<p>(v) the country of the court does not recognise Georgian court decisions;<\/p>\n<p>(vi) proceedings between the same parties on the same issues exist in Georgia;<\/p>\n<p>(vii) the foreign judgement contradicts the basic legal principles of Georgia.<br \/>\nThe Supreme Court of Georgia has jurisdiction over cases involving the recognition and enforcement of foreign judgements.<\/p>\n<p>A petition for the recognition and enforcement of a foreign judgement should be accompanied by a certified copy and a certified translation of such judgement. No oral hearing is held unless the parties request such hearing.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is your aircraft registry an owner-register (registering ownership interests) or an operator-register (registering interests as operator)? Please also state any conditions, procedural steps or formality requirements for such registration and explain how this is evidenced (for example, the issuance of a Certificate of Registration)<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The State Registry of Civil Aircraft (the &#8220;Aircraft Registry&#8221;) is maintained by GCAA.<\/p>\n<p>Both operators and owners can apply for registration of aircraft in the Aircraft Registry.<\/p>\n<p>The procedure for the registration is set out in the Rules of Registration of Civil Aircraft in Georgia approved by the Order of the Director of the GCAA No. 205 dated 11 October 2013 (the &#8220;Registry Rules&#8221;).<\/p>\n<p>To be eligible for registration, the aircraft must have:<\/p>\n<p>(i) for aircraft with a maximum take-off weight of 5700 or more \u2013 an EASA type certificate; and<\/p>\n<p>(ii) for aircraft with a maximum take-off weight below 5700, airplanes with a less than 19-passenger passenger certified layout \u2013 a type certificate issued by an ICAO member state.<\/p>\n<p>The applicant is required to file with the GCAA the following documents when applying for registration:<\/p>\n<p>(i) an application in the form of Schedule 1 to the Registry Rules;<\/p>\n<p>(ii) evidence of payment of the registration fee<\/p>\n<p>(iii) an original or a certified copy of the agreement under which the applicant who is not an owner of the aircraft shall operate such aircraft (e.g. lease agreement);<\/p>\n<p>(iv) an original or certified copy of the documents evidencing the title to the aircraft;<\/p>\n<p>(v) for applicants who are legal entities &#8211; extract from the trade registry in respect of the applicant, and for applicants who are natural persons \u2013 copy of the identification documents;<\/p>\n<p>(vi) an airworthiness certificate and\/or export airworthiness certificate;<\/p>\n<p>(vii) deregistration letter from the exporting state; and<\/p>\n<p>(viii) certified copies of documents, evidencing the identity and the authority of the representative of the applicant.<\/p>\n<p>The application is considered within thirty calendar days. In case of a positive decision, the GCAA issues a certificate of registration.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a security document register in your jurisdiction where a mortgagee\u2019s interests will be recorded? If so, please also state any conditions, procedural steps or formality requirements for such registration and explain how this is evidenced (for example, the issuance of a certificate or official stamp on the security document)<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No, there is no specific security document register where a security interest over aircraft would be registered.<\/p>\n<p>The only method of registration of security over aircraft is filing of a security document with the GCAA. The Registry Rules state that upon such filing, the aircraft cannot be deregistered form the Aircraft Registry without the creditor&#8217;s consent. Neither the specific procedure for registration nor its legal consequences are set out in the Registry Rules (or elsewhere in Georgian legislation) in detail.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the effect of registration of: a. Ownership interest (for example, proof of title to third parties of ownership) b. Lease (for example, perfects the status of the Lessor under the Lease) c. Security document (for example, secures priority over later registered security). If there are any interests that could rank prior to the security document please state these<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><h4>a. Ownership interest (for example, proof of title to third parties of ownership)<\/h4>\n<p>The ownership of the aircraft does not establish or evidence the title to the aircraft, and is only shown in the registry if the owner itself (and not the operator) applies for registration.<\/p>\n<h4>b. Lease (for example, perfects the status of the Lessor under the Lease)<\/h4>\n<p>A lease agreement only serves as grounds for the lessee to operate the aircraft and is required for the registration of the aircraft in the Aircraft Registry in the name of such lessee. Leases are neither registered nor shown in the Aircraft Registry.<\/p>\n<h4>c. Security document (for example, secures priority over later registered security). If there are any interests that could rank prior to the security document please state these<\/h4>\n<p>As noted in above, upon filing of the security agreement with the GCAA, the aircraft cannot be deregistered from the Aircraft Registry without the secured creditor&#8217;s consent.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What types of lease are recognized in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Operating (dry) and finance leases are recognized in Georgia.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What formalities are required to perfect Lessor\u2019s rights under a lease in your jurisdiction (for example, translation, notarization, apostille, legalization etc.)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The lease agreement should be made in writing and, when submitted for the registration of aircraft, such agreement should be provided either as original or as a certified copy.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are the ownership rights relating to engines recognized as separate and distinct from the ownership of the rest of the aircraft in your jurisdiction? Please highlight any separate registration, filing or additional formalities that are required to be completed to perfect Lessor\u2019s interest in the engines<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes.<\/p>\n<p>It is possible to hold title to an engine separately from the aircraft. A lessor&#8217;s interest would not be separately registered or recorded. An aircraft engine constitutes movable property and may be subject to registered pledge (charge), registrable in the Public Registry of Georgia.<\/p>\n<p>There are no separate registration requirements in respect of aircraft engines in Georgia, and the aircraft engines and are not subject to registration in the Aircraft Registry.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What form does security over aircraft generally take in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Georgian law security over aircraft takes the form of a non-possessory pledge (charge) registered with the Aircraft Registry.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any particular terms or characteristics that such a security document must take (for instance, a cap on the secured liabilities)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The security agreement must be made in writing and indicate the date of execution, details of the parties and, if applicable, of a third-party debtor, description of the pledged item and a description of the secured principal claim and the maximum amount of the secured liabilities which.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any perfection requirements for such security document? If so, please state any conditions, procedural steps, formality requirements or documentation (for example, corporates, list of directors etc.) required to effect this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Security over aircraft may only be registered in the Aircraft Registry.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Summarize any captive insurance regime in your jurisdiction as applicable to aviation.<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are cut-through clauses under the insurance and reinsurance documentation legally effective in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>It is uncertain whether cut-through clauses will be upheld by Georgian courts, as such clauses under have not been tested in practice.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there minimum requirements for the amount of third-party liability cover that must be in place in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Operators of Georgian-registered aircraft as well as foreign-registered aircraft operated in Georgia must comply with the minimum liability insurance requirements in respect of passengers, baggage, cargo and third parties set out in the Order of the Director of the GCAA No. 95 dated 14 June 2017.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can a mortgagee (or equivalent security interest holder) or lessor following an event of default under a mortgage (or equivalent security document) or lease, respectively, take possession of the aircraft without judicial intervention in your jurisdiction? Please also state any conditions, procedural steps, formality requirements or documentation (for example, original, legalized, translated Lease\/Mortgage, corporates etc.) required to effect this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes.<\/p>\n<p>For a non-possessory pledge (charge), out-of-court enforcement and sale of pledged property is possible (as agreed by the parties or an execution writ of the notary). The right of parties to expressly agree on a bespoke the procedure of enforcement of the pledge is expressly confirmed by Article 283 of the Civil Code.<\/p>\n<p>For leases, the owner (lessor) of an aircraft can apply to the GCAA for deregistration and export of the aircraft.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How can a mortgagee (or equivalent security interest holder), lessor under a lease or designee\/beneficiary of an IDERA deregister the aircraft? Please also state any conditions, procedural steps, formality requirements or documentation (for example, original, legalized, translated Lease\/Mortgage\/IDERA etc.) required to effect this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As of 1 December 2025, no implementing legislation relating to IDERAs has been adopted, however, as noted above, the Registry Rules already provide for the right of an owner of the aircraft to deregister the aircraft without any further consent of the lessee.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can the government or the lessee lawfully prevent the repossession or deregistration and if so, in what circumstances<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Generally, unless the aircraft is subject to confiscation or arrest, the government would not be able to prevent the repossession or deregistration of the aircraft.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">If judicial intervention is required, please describe the process? Please also state any procedural steps, length of time to complete and advise as to documentation required<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No judicial intervention should be required for repossession which is undertaken by a lessor relying on the remedies provided for in the lease or a security agreement, or on the deregistration right of the owner under the Registry Rules.<\/p>\n<p>As noted above, Georgia has made a declaration under Article 54(2) of the Cape Town Convention requiring leave of court for the exercise of the remedies under the Cape Town Convention. It remains to be seen whether the requirement for a judicial process would be extended to other remedies.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How is legal title transferred under the laws of your jurisdiction? Please also state any conditions, procedural steps, formality requirements or documentation (for example, corporates etc.) required to effect this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific requirements for the transfer of title to a Georgian-registered aircraft.<\/p>\n<p>In practice, such transactions are normally documented by an aircraft sale and purchase agreement and effected by an execution of a bill of sale or a transfer certificate confirming the transfer of title to, and possession of, the aircraft.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any restrictions on the sale of an aircraft following enforcement (for example, the requirement to obtain a court order or conduct a public auction or other action in order to sell the aircraft upon enforcement)<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No, there are no restrictions on the sale of the aircraft following enforcement of a lease.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Would lease rentals be subject to tax (for example, withholding or income tax)? Please also state if there are any conditions for such tax to be imposed and any steps usually taken to mitigate this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Absent a double-taxation treaty with lessor&#8217;s country, lease rentals may be subject to a withholding tax.<\/p>\n<p>In practice, most lease transactions involving Georgian lessees are structured through lessors incorporated in jurisdictions with whom Georgia has double taxation treaties to avoid the application of withholding tax.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Would a sale of an aircraft in your jurisdiction incur sales tax? Please also provide details of amount or calculation and any steps usually taken to mitigate this<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Sale of aircraft is expressly exempt from value added under Article 172 of the Tax Code of Georgia<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any restrictions on the import or export of aircraft in your jurisdiction and would such importation or exportation incur any liability as to customs or taxes? Please also state if any consents or approvals are required and the procedural steps taken to obtain these, and any procedural steps or formality requirements to mitigate any taxes<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any foreign exchange restrictions on transfers of funds<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How successful have foreign creditors and lessors been in enforcing their security and lessor rights over and successfully repossessing aircraft in a timely manner?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Historically, aircraft lessors benefited from the pro-owner approach of taken by the GCAA which allowed lessors to deregister and export the aircraft without lessee&#8217;s consent as well as form the cooperativeness of most local lessees.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What government led reforms affecting creditor and lessor rights are currently underway in the aviation sector in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>It is likely that certain national legislation will further be amended following the coming into effect of the Cape Town Convention (e.g. the recording of IDERAs by the GCAA).<\/p>\n<p>It is also expected that various further reforms, including changes to tax legislation, will make Georgia a more favorable jurisdiction for the aviation sector, however 1 December 2025 the scope and timing of such reforms remains as of uncertain.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please describe any interesting legal development in your jurisdiction (for instance, decided court cases or arbitral awards) which affect creditor and lessor rights?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please discuss any relevant governmental regulations implemented in your country to help alleviate the financial and other difficulties faced by airlines in your jurisdiction caused by CoVid 19 and whether that will impact rights of lessors (who lease aircraft to the airlines) and lenders (who finance such aircraft which are mortgaged in favour of the lenders)? Are such governmental regulations expected to be in place until the difficulties faced by airlines caused by the CoVid 19 subside or are they more long term?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">3284<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/123672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=123672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}